I just found out that jQuery 1.7 introduced a new method, on(). With my brief study, I see it as a consolidated way to bind events, as opposed to decide which one of bind(), live(), and delegate() to use. IMO, this is a really nice addition that offers numerous benefits. But then I am not sure if I need to convert event shortcuts, such as click(). According to the official document, the definition of click() is still the shortcut to .bind('click', handler). I thought it would make more sense for the jQuery developers to redefine click() and other event shortcuts in v1.7+ to use on(), no?

ghusse is right, there is no need to replace all of your .click() shortcuts with .on(), but you should replace your .live() code with .on() because .live() is marked as deprecated and might as well be removed with jQuery 1.8 ... discussion is ongoing.

Where UPSELECTOR is either the same as SELECTOR (then you can omit the second parameter of .on()) or it represents a (set of) element(s) higher in the DOM tree, i.e. element(s) that will be traversed when the event is bubbling. A common choice here would be document or body